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Fay Financial, a mortgage servicer that specializes in managing at-risk residential mortgage loans, has been ranked #14 on the Crain’s Fast 50 list after being named an honoree in May. Fay Financial’s 926% five-year revenue growth rate has placed it among the top of the quickest growing companies in Chicago. “The key to our success…

[Chicago, IL] Fay Servicing, LLC has reached an agreement with the Consumer Financial Protection Bureau (CFPB) regarding allegations that it failed to comply with rules governing the loss mitigation process for borrowers who were in default on their mortgages. Fay has agreed to pay $1.15 million in redress to the affected borrowers. No penalty was…

Servicing costs continue to increase as servicers deal with increases in compliance costs, including the recent 900-page servicing rule which goes into effect later this year. During the session Innovation and Technology: Finding Efficiencies in Servicing Operations at the Mortgage Bankers Association’s National Mortgage Servicing Conference in Dallas, panelists discussed how to find efficiencies in servicing.…

Expansion Will Create 100 New Jobs in Tampa TAMPA, Fla. – Today, Governor Rick Scott announced that Fay Servicing has chosen Florida as the best location for its new Southeastern regional headquarters. The expansion will create 100 new jobs and invest more than $1 million in the local community. Fay Servicing currently employs nearly…

CHICAGO–(BUSINESS WIRE)–Fay Servicing, a residential mortgage special servicer and originator, has selected Patrick Norton as the new president of its origination division, Fay Mortgage Services (Freddie Mac, Ginnie Mae/FHA approved lender), and Greg Reed to replace him as senior vice president of account management. In his new role, Norton manages all originations activities including sales,…

CHICAGO–(BUSINESS WIRE)–Fay Servicing, a residential mortgage special servicer and originator, has selected Wanda Montgomery to join as the firm’s senior vice president of foreclosure operations. In her new role, Montgomery will be based out of Fay Servicing’s Carrollton, TX office and she will lead the foreclosure department across multiple locations while reporting directly to Andy…

CHICAGO–(BUSINESS WIRE)–Fay Servicing, a residential mortgage special servicer, announced that it has now been approved as a Freddie Mac seller and servicer. This is an important designation for Fay Servicing that validates the company’s expertise, servicing success and commitment to compliance. This approval allows Fay Servicing to both sell conventional loans to Freddie Mac, as…

Returning private-label securitization to the housing market will require more than rebranding By Ed Fay, founder and chief executive officer, Fay Servicing Many people who earn their living in the residential mortgage industry are eager to see the private-label securitization(PLS) market come back to life in a responsible way. Recent deals such as the first…

Provides jobs for experienced local talent. CHICAGO–(BUSINESS WIRE)–Fay Servicing, a special servicer that manages residential mortgages, announced that the company has opened an office in the Dallas metro to take advantage of the tremendous talent available in the region. Fay Servicing’s staffing model is based on hiring former loan originators and leveraging their strengths via…

RES.NET, a California-based software applications firm serving the real estate industry, has partnered with Fay Servicing to provide Fay’s clients access to RES.NET’s expansive network of agents and vendors through the company’s REO Portal. Through the platform, Fay clients also access to RES.NET’s set of customizable operating tools to allow compliance while maintaining efficiencies. “Under…